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The Most Dangerous Trade: How Short Sellers Uncover Fraud, Keep Markets Honest, and Make and Lose Billions (Bloomberg Book 169)

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How short sellers profit from disasters that afflict individuals, markets, and nations The Most Dangerous Trade serves up tales from the dark side of the world marketplace to reveal how traders profit from the failure and, often, the financial ruin of others. In this book Richard Teitelbaum profiles more than a dozen short sellers to reveal how they employ the tactics, str How short sellers profit from disasters that afflict individuals, markets, and nations The Most Dangerous Trade serves up tales from the dark side of the world marketplace to reveal how traders profit from the failure and, often, the financial ruin of others. In this book Richard Teitelbaum profiles more than a dozen short sellers to reveal how they employ the tactics, strategies, and various styles to zero in on their target, get the needed financing, and see their investment through to its ultimate conclusion. The short sellers profiled will include stories of both their successful investments as well as their disastrous ventures. The book will examine the different styles, strategies, and tactics utilized, looking at how each short seller researches his or her targets, obtains financing, puts on a trade, and sees the investment through to fruition—or failure. With the appeal of a well-written adventure novel, The Most Dangerous Trade reveals how these investors seek publicity to help drive down a stock and shows the often bitter and controversial battles that ensue. Includes profiles of well-know short sellers such as Jim Chanos, Steve Eisman, Manuel Ascencio, Doug Kass, and many more Discover how short sellers make the "puts" that make them billions Uncover the short selling controversies that make headlines Written by award-winning journalist Richard Teitelbaum Discover what motivates investors who wager against the stock market and how they often profit from the misery of others.


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How short sellers profit from disasters that afflict individuals, markets, and nations The Most Dangerous Trade serves up tales from the dark side of the world marketplace to reveal how traders profit from the failure and, often, the financial ruin of others. In this book Richard Teitelbaum profiles more than a dozen short sellers to reveal how they employ the tactics, str How short sellers profit from disasters that afflict individuals, markets, and nations The Most Dangerous Trade serves up tales from the dark side of the world marketplace to reveal how traders profit from the failure and, often, the financial ruin of others. In this book Richard Teitelbaum profiles more than a dozen short sellers to reveal how they employ the tactics, strategies, and various styles to zero in on their target, get the needed financing, and see their investment through to its ultimate conclusion. The short sellers profiled will include stories of both their successful investments as well as their disastrous ventures. The book will examine the different styles, strategies, and tactics utilized, looking at how each short seller researches his or her targets, obtains financing, puts on a trade, and sees the investment through to fruition—or failure. With the appeal of a well-written adventure novel, The Most Dangerous Trade reveals how these investors seek publicity to help drive down a stock and shows the often bitter and controversial battles that ensue. Includes profiles of well-know short sellers such as Jim Chanos, Steve Eisman, Manuel Ascencio, Doug Kass, and many more Discover how short sellers make the "puts" that make them billions Uncover the short selling controversies that make headlines Written by award-winning journalist Richard Teitelbaum Discover what motivates investors who wager against the stock market and how they often profit from the misery of others.

30 review for The Most Dangerous Trade: How Short Sellers Uncover Fraud, Keep Markets Honest, and Make and Lose Billions (Bloomberg Book 169)

  1. 4 out of 5

    Craig Schofield

    I can't remember how I stumbled onto this book (algorithms and multiple mailing lists are the new afternoons at second hand bookstores I guess) but I really enjoyed it. Takes you inside the minds and methods of people who make their money betting contrarily. Really enjoyed this. I can't remember how I stumbled onto this book (algorithms and multiple mailing lists are the new afternoons at second hand bookstores I guess) but I really enjoyed it. Takes you inside the minds and methods of people who make their money betting contrarily. Really enjoyed this.

  2. 5 out of 5

    Maxim

    In my view the book deserves a strong 5, however it is not for everyone, but rather for an audience interested in the most dangerous trading strategy - short selling. It will also be useful for people who want to avoid common pitfalls of falling to the charm of promotional management as well as for all people willing to get an understanding how contrarian investors (which short sellers truly are) develop and employ their research and trading skills. I have found the book both entertaining and ed In my view the book deserves a strong 5, however it is not for everyone, but rather for an audience interested in the most dangerous trading strategy - short selling. It will also be useful for people who want to avoid common pitfalls of falling to the charm of promotional management as well as for all people willing to get an understanding how contrarian investors (which short sellers truly are) develop and employ their research and trading skills. I have found the book both entertaining and educating, this is a great opportunity to learn from world's best short sellers. I present below some of the quotes from the first couple of chapters: Asensio says he prefers shorting a fraudulent company to one that is merely overvalued, like General Nutrition. “An overvalued companyis an opinion where someone has miscalculated future earnings; valuation is a judgment,” he says. “With fraud, you can have more conviction.” It’s always a good idea to scrutinize companies that grow by acquisitions a little more closely. Don’t think for a moment that having a respected money manager invested in a stock is the same as a clean bill of health. Most every successful short we’ve been involved with has had a big-name backer. There are four kinds of short sale opportunities, Chanos says. First are accounting frauds, like Baldwin-United, and later Enron and Tyco International. Someone cooks the books or omits material information. Then there are consumer fads—represented by the likes of Coleco’s Cabbage Patch Kids. Consumers and investors get caught up in a new, trendy product with limited staying power or, better still, restaurants or food chains that flourish until people tire of, say, Krispy Kreme doughnuts. Third are broken industries, collapsing in the face of changing technologies or new competing business models that render them obsolete, regardless of turnaround efforts or how cheap their share prices... Chanos’s favorite varietal is what he calls “booms that go bust.” The partners may get their ideas just about anywhere—tips from other short sellers, economic reports, conferences, just an unreasonably sharp rise in a stock price, a newspaper article, or perhaps even a cocktail party conversation. "Hiring analysts, the thing we want to see most of is real intellectual curiosity,” he says. “Assuming they have certain base quantitative skills, they know a little bit about corporate balance sheets and accounting and have done spreadsheets and things like that, but almost everybody we interview has that level of capability. We want to see some evidence, whether in written work or whatever, of the ability to ask questions and to follow inquiry if they don’t know something or if something appears out of whack. Almost everything else we can teach.

  3. 5 out of 5

    Byrne

    Read the table of contents before you read the book: most of the people profiled have been covered elsewhere in more detail. A couple embarrassing date transpositions (2013 instead of 2003, 2004 instead of 2005) imply sloppy editing. And did the author of a book about short selling really not google the definition of "short interest" before defining it? Largely disappointing. With one caveat! If you are not familiar with short selling, especially short-only strategies, and want to get an overvie Read the table of contents before you read the book: most of the people profiled have been covered elsewhere in more detail. A couple embarrassing date transpositions (2013 instead of 2003, 2004 instead of 2005) imply sloppy editing. And did the author of a book about short selling really not google the definition of "short interest" before defining it? Largely disappointing. With one caveat! If you are not familiar with short selling, especially short-only strategies, and want to get an overview, this book is great. It will give you lots of trades and funds to read more about.

  4. 4 out of 5

    Mike Adeleke

    Short-selling is a field of investment that I am becoming more and more fascinated with. This book profiles both prominent short-sellers and those only people in the industry would be familiar with. While often they are lambasted by the media and corporate management, short-sellers are in many ways the only thing keeping the market and stock prices from extreme over optimism. As Jim Chanos says, "short sellers are the financial detectives and regulators are the financial archaeologists". Short-selling is a field of investment that I am becoming more and more fascinated with. This book profiles both prominent short-sellers and those only people in the industry would be familiar with. While often they are lambasted by the media and corporate management, short-sellers are in many ways the only thing keeping the market and stock prices from extreme over optimism. As Jim Chanos says, "short sellers are the financial detectives and regulators are the financial archaeologists".

  5. 4 out of 5

    Anandh Sundar

    The book was quite balanced, giving the positives and negatives of short selling, and how short sellers thrive despite an institutional bias. A must read for anyone interested in the art of short selling

  6. 5 out of 5

    Molly

    This book was a real page turner. The reader gets a real feel for the personalities involved. Lots of lessons here for investors.

  7. 4 out of 5

    Avrohom Kotler

  8. 5 out of 5

    Michael Fritzell

  9. 5 out of 5

    Daniel Gewehr

  10. 5 out of 5

    Zach Kouwe

  11. 4 out of 5

    Michael Sutton

  12. 4 out of 5

    Heath

  13. 5 out of 5

    Nick Viner

  14. 4 out of 5

    John

  15. 5 out of 5

    Albert

  16. 5 out of 5

    James

  17. 5 out of 5

    Goh Seng Huat

  18. 4 out of 5

    Kartikeya Agarwal

  19. 5 out of 5

    Carlos Henrique Medeiros

  20. 5 out of 5

    Luke England

  21. 4 out of 5

    Antonella Banszky

  22. 5 out of 5

    Alex

  23. 4 out of 5

    Paul

  24. 5 out of 5

    Ben

  25. 5 out of 5

    Mio

  26. 5 out of 5

    Dave C

  27. 5 out of 5

    Todd

  28. 5 out of 5

    P

  29. 4 out of 5

    Maximilian Roos

  30. 5 out of 5

    George King-Scott

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